India's Hindustan Copper 4 pct share sale fully covered

MUMBAI Fri Nov 23, 2012 5:13am EST

MUMBAI Nov 23 (Reuters) - The Indian government's 4 percent stake sale in state-run copper producer Hindustan Copper Ltd through a share auction was fully covered by 3.25 p.m. (0955 GMT), stock exchange data showed on Friday.

The auction had received bids for 38.84 million shares, data from the National Stock Exchange website showed. Details on bid prices were not immediately available. The government is selling 37.01 million shares in the auction but has the option to sell a further 51.71 million shares.

New Delhi aims to raise 300 billion rupees ($5.5 billion) through share sales in state-run companies in the current fiscal year that ends in March 2013. It has drawn a blank, thus far, as weak market conditions have deterred public issues or auctions.

Hindustan Copper shares slumped by the maximum daily limit of 20 percent to 212.95 rupees, after the government on Thursday set a floor price of 155 rupees for the share auction. (Reporting by Prashant Mehra and Sumeet Chatterjee; Editing by Anand Basu)

FILED UNDER: